Tax Credits/Deductions Quick Reference
Tax Credits and Deductions
New York State Tuition Tax Credit/DeductionThrough the New York State Tuition Tax Credit/Deduction resident taxpayers may claim a deduction or a refundable credit for allowable undergraduate tuition paid for themselves, their spouse, or their dependents enrolled in qualified institutions.
Federal Hope Scholarship CreditThe Hope Scholarship Credit provides a tax credit of up to $1,650 for the net cost (less certain financial aid) of the tuition/fees in each of the first two years of postsecondary education for each member of the family.
Federal Lifetime Learning Tax CreditThe Lifetime Learning Tax Credit provides a maximum tax credit of up to $2,000 for undergraduate, graduate/professional, or part-time postsecondary study.
Federal Education Loan Interest DeductionThe Federal Education Loan Interest Deduction provides a $2,500 tax deduction for the interest paid during repayment on a qualified student education loan.